China gets ready to flood e-car battery market
Country’s share of global lithium-ion battery production to grow to 65%
Around 55% of the world’s lithium-ion batteries are already produced in China, versus only 10% in the US. And according to Bloomberg New Energy Finance, as construction of Elon Musk’s much hyped Nevada plant continues, new Chinese production facilities are set to leave him in the dust.
While Tesla’s new Gigafactory will produce an up to an estimated 35 gigawatt-hours per year, plans from Chinese companies for additional factories could crank out 120 gigawatt-hours annually, enough to power 1.5 million of Tesla’s Model S or 13.7 million Toyota Prius Hybrids.
The new production capacity is forecast to see China take hold of 65% of the global battery production share by 2021.